Bithumb crypto-exchange loses $32m in hack

Bithumb made the announcement about the hack via Twitter, acknowledging the loss of user funds. Cryptocurrency experts indicate that a pattern is emerging. All deposits and withdrawals have been suspended until the exchange figures things out. Those stolen cryptocurrencies will be covered from Bithumb, and all of [our] assets are being transferred to [a] cold wallet.

In what has become a recurring theme in the digital currency industry, another cryptocurrency exchange platform has suffered a cyber intrusion.

But question marks abound, as they always do in such situations.

Bithumb has announced that they are shifting their wallet system and its security protocols. However, we will make every effort to reopen the service as soon as possible, with the ultimate goal of protecting your assets. "Appreciate for your support". Global policymakers have warned investors to be cautious in trading the digital currency given the lack of broad regulatory oversight.

Deposit and withdrawal services were halted "for the time being", the exchange said. The attackers supposedly hit the company sometime between "late [Tuesday night] and early [Wednesday]", taking off with millions worth of crypto coins, including Ripple.

Numerous trading and exchange sites have been criticized for paying less attention to security measures, a vulnerability that exposes them to hacking.

There's often uncertainty around alleged hacks, with some in the crypto community claiming an inside job for most incidents.

It is great to see that Bithumb had their hands on the trigger in case anything went wrong, quickly moving all assets to cold storage to mitigate any further risk.

How do you think this latest hack will impact market prices in the short and long-term? After a checkup of the security systems of 21 cryptocurrency exchanges from January to March, the government concluded that most companies including Bithumb had many weaknesses and ordered them to implement supplementary measures.

Bitcoin price breaks above $6,700, $6,800 is within reach in the short-term.

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